There are many portraits of Elizabeth I, but none have been definitively linked to the specific event of the Spanish Armada.
It's likely that artists did create portraits of Elizabeth in the context of the Armada victory, but these have not survived to modern times.
It's important to note that artists often depicted historical figures in ways that highlighted their virtues and power, and Elizabeth's image was certainly shaped by this tradition. However, it's unlikely that a specific portrait would have been commissioned to commemorate a particular event.